The government wants to be your partner. Just as Congress is rushing to announce a national bailout package, Bush has already signed a bill that will provide $540 million to the state of Florida as “community development block grants”. Florida has the highest percentage of foreclosures in the country, with about 200,000 properties. with this number expected to grow. So, with the idea of helping the communities with the highest need, the government is distributing this money to various neighborhoods in Dade and Broward, the City of Miami receiving $62 MM. The City has said it plans to spend 50% as equity sharing with low-income buyers. Another 25% for buying homes for rehab or demolition.
The City of Hollywood is to receive$7.5 million. How do you qualify? How will all this money be doled out?
No details yet, but then we don’t know how the rest of the $300 billion is to be loaned out to at risk homeowners in the latest government backed program, not to mention the potential new $700 billion being discussed by Congress. If all this doesn’t kick start the turn around in the housing market……….